Silk Road forums
Discussion => Newbie discussion => Topic started by: StateOfEuphoria on April 18, 2013, 01:32 pm
-
As a customer of mine was finalizing a $450 order, appearantly the BTC Price rose to $190~ for a few minutes, leaving me with 2 BTC ($180 now) as I HEDGE my orders..
Think this will be replaced by Vendor Support? FML
-
::)
-
I'm pretty sure it was a silk road glitch NOT a bitcoin glitch.. I saw it happen.. I was in my buyer account and my balance hit $177+ for about a min.. I was like WOW!! But looked up at my Mt. Gox Ticker and its not changed much at all. its been pretty steady all night.. High $98.77 , Low $83.00, last / active price $94.50 and Weighted ( what SR uses) $90.99
send support a message I am sure they are about to get a ton of them..
-
This is what I have been talking about and wondering. What is to stop customers from using the BTC value to time their orders? Dont order until its at a high. Its like playing the SR market: a customer purchases their BTC at a low of $50/BTC and WAIT then when it jumps up to a high of $100/BTC THEN they make their purchase for something thats $100=1 BTC then the price drops back down to $50/BTC now the vendor lost money.
BUT
There will be some customers that bought on a high and it drops after they order (happened to me) but they were not playing the SR market.
So the only thing would be to hedge it right? But then if the value rises the customer gets less BTC back (thinking they got robbed) or the price drops after they get it back.
Also vendors could play this backwards: Hedge the ads and give the BTC back when its at a high. So if the customer buys BTC when its at a low of $50 each and purchases something for $100=2 BTC the price jumps up to $100 per BTC and the vendor cancels and refunds the now 1 BTC=$100 so the vendor just made a BTC=$100 right? Also hedging costs the customer on top of that.
So the point is there is and will be honest people that get caught up in this.
-
I was about to purchase a qtr oz of Coke for just over 8btc and I added it to my cart and noticed the price was 3+btc. I knew something was fishy. I was in the process of writing a message to the vendor to make sure everything was correct when I reloaded my cart in another tab and the price was now correct again. I know that many people probably just hurried and clicked the "Place Order" button.
-
Such is the dangers of dealing with a volatile, unregulated currency. From what I understand, the original poster didn't lose any money because the market outside of the Silk Road didn't swing.
While frustrating, you shouldn't be at a loss
-
OP - as I just posted in your other thread, please be sure to send a message to Vendor Support over on the marketplace. I've also reported this issue to DPR and inigo.
-
If this bug is still actively happening then lots of vendors are probably getting fucked.
If I were a vendor I would unhedge my orders until this problem is fixed (think about it)...
-
lol this was not a bug, but a rapidly expanding market with a bubble burst, as people tend to purchase in patterns. If you were watching the mtgox average at all it jumped with the SR prices(as SR's bc value is directly derived from mtgox) And SR offers hedging services for vendors which protects your FED or government paper money value(assuming it has any lols) that you put into the bc's, but either way you should always pay attention to the bc market especially if your moving large amounts through the bc system, also be quick about your movements unless you are building worth, my friend bought like $15 hundred worth when they were like $13 a peice and lost the password to his wallet somewhere, he made thousands but could not even access his funds lol poor guy
-
lol this was not a bug, but a rapidly expanding market with a bubble burst, as people tend to purchase in patterns. If you were watching the mtgox average at all it jumped with the SR prices(as SR's bc value is directly derived from mtgox)
bullshit. Since when does the mtgox weighted aaverage jump by MORE than 100% for only 5 minutes. It's a weighted average. Fluctuations like that aren't possible.
-
a quick pump and dump behind the dumpster for 5 min at a time
-
oh shit if he's sayin it was at 190 sometime today then yeah that would be bullshit, i thought he meant the other day
-
Shit happens... It's just part of the btc market...
-
that's rough, man. but plenty of vendors have gotten fucked in the last week.
-
oh shit if he's sayin it was at 190 sometime today then yeah that would be bullshit, i thought he meant the other day
Yeah, it was today unfortunately. It was probably about 3-5 minutes total that the coins were worth that much on SR. As my order was escrowed, (i wish it wasn't), I lost 2.3~BTC
Totaling at about 1.8-2 BTC for a $450 order >.<
-
ya true on the 2c-p
-
wow i didnt really think about it, but thats a super quick and large loss, someone made 450 bucks in a couple o minutes...
-
This is NOT a Bitcoin issue. Flat out, period, no doubt in my mind at all whatsoever. This behavior has not been seen anywhere else in the Bitcoin world, not even *while* the SR price was doubled. Not to point fingers or anything, but if people are going to be going around talking about it at least get the facts straight. Bitcoin suffers enough bullshit jibes as it is.
This is a Silk Road bug, not a Bitcoin bug.
-
I know for a FACT that it was Silk Road and NOT the bit coin.. I had up both the Mt Gox Screen and SR at eh same time and watched it happen..
-
I know for a FACT that it was Silk Road and NOT the bit coin.. I had up both the Mt Gox Screen and SR at eh same time and watched it happen..
Sorry, I didn't actually read what you wrote, I just wanted to say I love your name.